“US will continue to press OPEC and oil companies on supply and price of oil,” said White House Press Secretary Jen Psaki, per Reuters, during late Monday night.

The White House official added that the US has talked with other countries on oil supply while also mentioning that the US continues to consider options on oil.

Additional quotes

On a different, Bloomberg shared comments from White House Economic Advisor Brian Deese saying, “Expect Biden to address gas prices in coming days.”

“Feel good about reaction to Powell, Brainard,” adds the diplomat per Bloomberg.

Contrary to the White House update, CNN came out with the news suggesting that nearly a dozen Congressional Democrats are urging President Joe Biden to combat high gas prices by not only releasing barrels from the US Strategic Petroleum Reserve but by banning US oil exports.

FX reaction

Having reacted positively to the news that Jerome Powell is nominated by US President Biden for a second term as the Fed Chair, the optimists seem to catch a breather ahead of the preliminary PMIs for November.

Read: WTI on the verge of a significant break to the downside